Box Corner Pvt. Ltd., Kolkata V. ITO, Ward-9(2), Kolkata, Kolkata

ITA 1185/KOL/2017

• Counselvise Citation: [2019] 118 COUNSELVISE.COM (IT) 7603 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 7 month(s) 20 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 14-01-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2012-2013
• Appeal Filed On: 24-05-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: C J SINGH
• Assessee Lawyers: MIRAJ D. SHAH
• Keywords: Unexplained cash credit
• Section: 143(3); 133(6); 68

Judgement Text

ITA NO. 1185/KOL/2017 A.Y. 2012-2 013 BOX CORNER PVT. LIMITED 1 IN THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA A BENCH, KOLKATA BEFORE SHRI P.M. JAGTAP, VICE-PRESIDENT (KZ) AND SHRI A.T. VARKEY, JUDICIAL MEMBER I.T.A. NO. 1185/KOL/2017 ASSESSMENT YEAR: 2012-2013 BOX CORNER PVT. LIMITED,........................... ...................................APPELLANT 54, SURYA SEN STREET, KOLKATA-700 009 [PAN: AAECB 8944 M] -VS.- INCOME TAX OFFICER,................................ .......................................RESPONDENT WARD-9(2), KOLKATA, P-7, CHOWRINHEE SQUARE, AAYAKAR BHAWAN, KOLKATA-700 069 APPEARANCES BY: SHRI MIRAJ D. SHAH, FCA, FOR THE APPELLANT SHRI C.J. SINGH, JCIT, SR. D.R , FOR THE RESPONDENT DATE OF CONCLUDING THE HEARING : JANUARY 14, 2019 DATE OF PRONOUNCING THE ORDER : JANUARY 14, 2019 O R D E R PER SHRI P.M. JAGTAP, VICE-PRESIDENT (KZ):- THIS APPEAL FILED BY THE ASSESSEE IS DIRECTED AGAI NST THE ORDER OF LD. COMMISSIONER OF INCOME TAX (APPEALS)-16, KOLKATA DA TED 24.03.2017 PASSED EX-PARTE, WHEREBY HE DISMISSED THE APPEAL OF THE ASSESSEE. 2. THE ASSESSEE IN THE PRESENT CASE IS A COMPANY, W HICH FILED ITS RETURN OF INCOME FOR THE YEAR UNDER CONSIDERATION O N 16.09.2012 DECLARING ITS TOTAL INCOME AT NIL. IN THE ASSESSMEN T COMPLETED UNDER SECTION 143(3) VIDE AN ORDER DATED 26.03.2015, THE TOTAL INCOME OF THE ASSESSEE WAS DETERMINED BY THE ASSESSING OFFICER AT RS.5,07,00,000/- AFTER MAKING ADDITION UNDER SECTION 68 AMOUNTING TO RS.5,07,00,000/- ON ACCOUNT OF SHARE CAPITAL AND SHARE PREMIUM RECEIVED BY THE ASSESSEE DURING THE YEAR UNDER CONSIDERATION BY TREATING THE SAME AS UNEXPLAINED CASH CREDIT. ITA NO. 1185/KOL/2017 A.Y. 2012-2 013 BOX CORNER PVT. LIMITED 2 3. AGAINST THE ORDER PASSED BY THE ASSESSING OFFICE R UNDER SECTION 143(3), AN APPEAL WAS PREFERRED BY THE ASSESSEE BEF ORE THE LD. CIT(APPEALS) AND SINCE THERE WAS NO SATISFACTORY CO MPLIANCE ON THE PART OF THE ASSESSEE TO THE NOTICES ISSUED BY HIM FIXING THE SAID APPEAL FOR HEARING FROM TIME TO TIME, THE LD. CIT(APPEALS) DIS MISSED THE APPEAL OF THE ASSESSEE VIDE HIS APPELLATE ORDER DATED 24.03.2 017 PASSED EX-PARTE THEREBY CONFIRMING THE ADDITION MADE BY THE ASSESSI NG OFFICER UNDER SECTION 68. AGGRIEVED BY THE ORDER OF THE LD. CIT(A PPEALS), THE ASSESSEE HAS PREFERRED THIS APPEAL BEFORE THE TRIBUNAL. 4. WE HAVE HEARD THE ARGUMENTS OF BOTH THE SIDES AN D ALSO PERUSED THE RELEVANT MATERIAL AVAILABLE ON RECORD. THE LD. COUN SEL FOR THE ASSESSEE HAS SUBMITTED THAT PROPER AND SUFFICIENT OPPORTUNITY WA S NOT GIVEN BY THE LD. CIT(APPEALS) TO THE ASSESSEE BEFORE DISMISSING ITS APPEAL BY HIS IMPUGNED ORDER PASSED EX-PARTE. HE HAS SUBMITTED TH AT FULL DETAILS OF SHAREHOLDERS ALONGWITH THEIR PERMANENT ACCOUNT NUMB ERS, COPIES OF APPLICATION FORMS AND OTHER RELEVANT EVIDENCES WERE FILED BY THE ASSESSEE BEFORE THE ASSESSING OFFICER DURING THE COURSE OF A SSESSMENT PROCEEDINGS. HE HAS ALSO SUBMITTED THAT EVEN THE NOTICES ISSUED BY THE ASSESSING OFFICER UNDER SECTION 133(6) OF THE ACT WERE DULY R ESPONDED BY ALL THE SHARE SUBSCRIBERS BY FILING THE RELEVANT DOCUMENTS REQUIRED BY THE ASSESSING OFFICER. HE HAS CONTENDED THAT THE ASSESS ING OFFICER, HOWEVER, STILL TREATED THE SHARE CAPITAL AND SHARE PREMIUM A MOUNT RECEIVED FROM THE SAID SHARE SUBSCRIBERS AS UNEXPLAINED CASH CRED IT UNDER SECTION 68 FOR THE FAILURE OF THE ASSESSEE TO PRODUCE THE CONC ERNED SHARE SUBSCRIBERS FOR HIS EXAMINATION/VERIFICATION DURING THE COURSE OF ASSESSMENT PROCEEDINGS. HE HAS CONTENDED THAT THE ASSESSEE IS NOW IN A POSITION TO PRODUCE THE SAID SHARE SUBSCRIBERS FOR EXAMINATION/ VERIFICATION BEFORE THE ASSESSING OFFICER AND URGED THAT ONE MORE OPPOR TUNITY MAY BE GIVEN TO THE ASSESSEE BY SENDING THE MATTER BACK TO THE A SSESSING OFFICER. SINCE THE LD. D.R. HAS ALSO NOT RAISED ANY OBJECTION FOR SENDING THE MATTER BACK TO THE ASSESSING OFFICER AS SOUGHT BY THE LD. COUNS EL FOR THE ASSESSEE, WE ITA NO. 1185/KOL/2017 A.Y. 2012-2 013 BOX CORNER PVT. LIMITED 3 SET ASIDE THE IMPUGNED ORDER PASSED BY THE LD. CIT( APPEALS) EX-PARTE AND RESTORE THE MATTER TO THE FILE OF THE ASSESSING OFF ICER FOR DECIDING THE SAME AFRESH AFTER GIVING ONE MORE OPPORTUNITY TO TH E ASSESSEE TO PRODUCE THE CONCERNED SHARE SUBSCRIBERS FOR EXAMINATION/VER IFICATION. AS UNDERTAKEN BY THE LD. COUNSEL FOR THE ASSESSEE, THE ASSESSEE SHALL MAKE DUE COMPLIANCE BEFORE THE ASSESSING OFFICER AND SHA LL EXTEND ALL THE POSSIBLE COOPERATION SO AS TO ENABLE THE ASSESSING OFFICER TO COMPLETE THE ASSESSMENT AFRESH EXPEDITIOUSLY. 5. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS TRE ATED AS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON JANUARY 14, 2019. SD/- SD/- (A.T. VARKEY) (P.M. JAGTAP) JUDICIAL MEMBER V ICE-PRESIDENT (KZ) KOLKATA, THE 14 TH DAY OF JANUARY, 2019 COPIES TO : (1) BOX CORNER PVT. LIMITED, 54, SURYA SEN STREET, KOLKATA-700 009 (2) INCOME TAX OFFICER, WARD-9(2), KOLKATA, P-7, CHOWRINHEE SQUARE, AAYAKAR BHAWAN, KOLKATA-700 069 (3) COMMISSIONER OF INCOME TAX (APPEALS)-16, KOLKA TA, (4) COMMISSIONER OF INCOME TAX- , (5) THE DEPARTMENTAL REPRESENTATIVE (6) GUARD FILE BY ORDER ASSISTANT REGISTRAR, INCOME TAX APPELLATE TRIBUNAL, KOLKATA BENCHES, KOLKATA LAHA/SR. P.S.